DOCSLIB.ORG

STILLWATER MINING COMPANY 2010 Annual Report Stillwater Mining Company

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
STILLWATER MINING COMPANY 2010 Annual Report Stillwater Mining Company STILLWATER MINING COMPANY 2010 Annual Report Stillwater Mining Company COMPANY PROFILE TABLE OF CONTENTS Stillwater Mining Company (NYSE:SWC) produces 1 Financial Highlights palladium and platinum, rare and precious metals essential 2 Letter to Shareholders in automotive catalysts to convert harmful air pollutants into 14 The Case for Palladium - 2011 Update harmless emissions, and also used in jewelry, electronic and dental applications. The Company is the only producer of 20 Marketing palladium and platinum in the United States. The Company’s 24 2010 Market Developments current mining operations are in south-central Montana 26 Stillwater Mine where it operates two underground mines along the J-M Reef, the world’s richest known deposit of platinum group 28 East Boulder Mine metals (PGMs). The Company’s operations include a nearby 30 Marathon Project smelting and refining complex where it concurrently processes 32 PGM Recycling concentrates from mined ore and spent catalytic material containing PGMs from its recycling business. The Company 34 Operating Responsibly also owns the Marathon PGM/copper mine development project which is in the permitting stage and is located at the Annual Report on Form 10-K north end of Lake Superior in north-western Ontario Canada. Corporate Information - inside back cover ABOUT THE COVER The title “Palladium” Group Metals for PGMs on the cover of our report, rather than the commonly accepted Platinum Group Metals, celebrates “2010 as the year of Palladium.” This intentional twist on the PGM acronym heralds a turning point for palladium in 2010, the factors of which are discussed herein, some of which include – a vast Russian palladium inventory that provided 25% of worldwide supply for the last 20 years is considered nearing depletion; future PGM production is recognized as being constrained; automotive build, now at record levels, will surge a third more by 2015; catalytic converter requirements already consume over half of PGM production; driven by price, the 1-for-1 substitution ratio between palladium and platinum for vehicle catalytic converter applications is a technological reality, where substitution is possible; PGM ETFs were introduced into the United States; the United Kingdom hallmarked palladium for jewelry use, and, in recognition of these factors, the price of palladium doubled during the year. PRIVATE SECURITIES LITIGATION Reform Act of 1995 Some statements contained in this annual report contain forward- expectations are set forth in the section entitled “Risk Factors” in the looking information, which involves expressions of management’s Company’s Annual Report on Form 10-K included herein and may current expectations. All forward-looking information is subject to be discussed in subsequent filings with the Securities and Exchange various risks and uncertainties that may be beyond the Company’s Commission. Descriptions of palladium and platinum markets are control and may cause results to differ materially from management’s not intended to be complete and readers are advised to obtain their current expectations. Information concerning factors that could own information on these markets. The Company disclaims any cause actual results to differ materially from management’s current obligation to update forward-looking statements. Financial Highlights December 31, 2010 2009 2008 Financial Total revenues (millions) $ 555.9 $ 394.4 $ 855.7 Operating income (loss) (millions) $ 54.7 $ 4.3 $ (117.4) Net income (loss) (millions) $ 50.4 $ (8.7) $ (115.8) Net income (loss) per share Basic earnings (loss) per share $ 0.51 $ (0.09) $ (1.24) Diluted earnings (loss) per share $ 0.51 $ (0.09) $ (1.24) Operating cash flow (millions) $ 123.9 $ 59.7 $ 114.2 Stockholders’ equity (millions) $ 583.1 $ 446.8 $ 421.2 Weighted average common shares outstanding (millions) Basic 98.0 94.9 93.0 Diluted 99.2 94.9 93.0 Outstanding common shares (millions) 101.9 96.7 93.7 Palladium & Platinum Mine Production (ounces) Stillwater Mine Palladium 270,600 301,700 268,200 Platinum 81,100 92,100 81,200 Total 351,700 393,800 349,400 East Boulder Mine Palladium 103,500 105,300 116,000 Platinum 29,900 30,800 33,500 Total 133,400 136,100 149,500 Total Mining Palladium 374,100 407,000 384,200 Platinum 111,000 122,900 114,700 Total 485,100 529,900 498,900 Palladium, Platinum & Rhodium Recycling Production (ounces) Palladium 191,500 112,900 164,600 Platinum 178,500 119,100 199,800 Rhodium 29,400 19,000 33,700 Total 399,400 251,000 398,100 Operations Total ore tons milled 1,095,000 1,086,000 1,060,000 Total tons milled including subgrade 1,181,000 1,184,000 1,206,000 Combined mill head grade (ounces per ton) 0.46 0.50 0.46 Mill recovery 91% 91% 91% Consolidated Production Costs (per ounce) Total cash costs $ 397 $ 360 $ 405 Depreciation & amortization $ 149 $ 135 $ 164 Total production costs $ 546 $ 495 $ 569 Metal Prices Mine Production Average realized price per palladium ounce $ 495 $ 365 $ 410 Average realized price per platinum ounce $ 1,488 $ 1,137 $ 1,387 Combined average realized price per ounce $ 721 $ 549 $ 630 PGM Recycling Average realized price per palladium ounce $ 456 $ 282 $ 401 Average realized price per platinum ounce $ 1,539 $ 1,143 $ 1,735 Average realized price per rhodium ounce $ 2,354 $ 2,088 $ 7,807 Market Average market price per palladium ounce $ 525 $ 263 $ 352 Average market price per platinum ounce $ 1,609 $ 1,204 $ 1,578 Combined average market price per ounce $ 773 $ 487 $ 628 1 To our shareholders THE YEAR 2010 FOR YOUR COMPANY WAS EXCEPTIONAL ON MANY FRONTS. AFTER THE ECONOMIC CHALLENGES OF 2008 AND 2009, IT IS REFRESHING TO SEE THE COMPANY NOW REPOSITIONED AND MOVING FORWARD SO DRAMATICALLY AS THE DEMAND FOR PALLADIUM REBOUNDS. FRANK MCALLISTER PALLADIUM PRICE DOUBLES market that sales from the vast Russian government palladium inventories built up during the Soviet era are either at or near Perhaps most exciting and beneficial – during 2010 palladium exhaustion – kaput, gone. emerged as the front runner in a very robust natural resource market – more than doubling in price from $395 per ounce I hope I have your attention, as last year “The Case for at the beginning of 2010 to $797 per ounce at year end ($800 Palladium” anticipated almost all those market factors. Let in New York). The provocative banner “Palladium Group me provide some background detail at this point and then Metals” on the cover of this 2010 Annual Report announces direct you to the section in our Annual Report entitled “The in a deliberate divergence from the more customary “Platinum Case for Palladium – 2011 Update”, wherein we again discuss Group Metals” that 2010 was the year of palladium and boldly the fundamental issues of supply and demand, and their highlights the news that the PGM market, and in particular impact on price. the palladium market, likely changed fundamentally during 2010 as we projected in our 2009 Annual Report. Supply r4PVUI"GSJDBO1(.QSPEVDUJPODPOTUSBJOFE I hope that you will read on –if you did so last year in the r3VTTJBO1(.QSPEVDUJPOBCZQSPEVDUPGOJDLFM 2009 Annual Report and if you acted upon the analysis it r3VTTJBOQBMMBEJVNJOWFOUPSZTBMFTTMPXJOHFOEJOH contained entitled “The Case for Palladium”, you may have r3FDZDMJOHPG1(.TQSPKFDUFEUPEPVCMFJOZFBST benefited at least a part from the 136% rise in our Stillwater share price that accompanied the doubling of the palladium Demand price during 2010. r8PSMEWFIJDMFCVJMESBUFTVSHJOHUPXBSENJMMJPO r1BMMBEJVNVTFBUJOHBTPMJOFDBUBMZUJDDPOWFSUFST The doubling of the palladium price in 2010 was driven rGPSQBMMBEJVNGPSQMBUJOVNTVCTUJUVUJPOJOHBTPMJOF by several important factors: the continued recovery from DBUBMZUJDDPOWFSUFST JODSFBTJOHJOEJFTFMDPOWFSUFST the steep 2008 fall in metal prices; investor demand in the U.S. and elsewhere for newly introduced palladium ETFs; Large supply deficits to affect price the surge in demand for automobile catalytic converters; r-BSHFQBMMBEJVNBOEQMBUJOVNTVQQMZEFđDJUTQSPKFDUFE constraints on PGM production worldwide; perhaps to some r1MBUJOVNQBMMBEJVNQSJDFSBUJPOPXOFBSUP degree by Stillwater’s own palladium marketing efforts, but r1MBUJOVNQBMMBEJVNQSJDFRVFTUJPOJTQBSJUZ very importantly also due to an emerging recognition in the UIFGVUVSF r1MBUJOVNQSJDFMJLFMZUPSFNBJOBCPWFQBMMBEJVN 2 Headlining the 2010 developments, the price of palladium doubled in 2010 while the price of platinum rose 21%. Or, said another way, the dynamics underlying this market action – in a massive price re-rating – moved the price of palladium from 27% to 45% of the price for platinum. We suggest that this denotes the start of a fundamental shift in the relationship between these two metals. The question we raised last year and have continued to wrestle with remains, “Where is this pricing ratio headed from here?” Palladium/Platinum Price Ratio December 31, 2009 - December 31, 2010 0.50 0.45 0.40 0.35 0.30 0.25 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 We believe that price equilibrium between palladium and platinum may well be measured in the future relative to parity. Why? As technology advances, the factors supporting parity Stillwater Valley continue to build. The ability to substitute between palladium and platinum on a 1-to-1 basis in catalytic converters partial shift toward palladium; in China and the rest of the continues to expand. It was first achieved in 2002 and 2003 developing world where light vehicles are powered primarily for gasoline catalytic converters – the with gasoline engines and in Japan, a late comer, which had main market accounting for about largely stayed with platinum until the last couple of years. 50% of total PGM demand. And during 2010 it was achieved in the Other industrial uses for both palladium and platinum are laboratory for that portion of a diesel also expanding as the world economy continues to recover and catalytic converter where palladium grow. Such applications include electrical components (15% can be substituted for platinum. of 2010 palladium demand), chemical catalysts (4%), dental (At the same time, the technology fillings (7%) and other industrial demand (1%).
Load more

Recommended publications
  • Heraeus Precious Appraisal I 1 Precious Metals Review
    HERAEUS PRECIOUS Ed. 36 APPRAISAL th 14 October 2019 MARKET SPOTLIGHT Implats aligns its output more closely with future order books Impala Platinum (Implats) is acquiring North American Palladium (NAP) for ~$758 million. Implats will gain an existing mine, Lac des Iles, which is a primary palladium mine. It has very small amounts of platinum, gold and copper by-products. This will provide Implats with immediate low-cost palladium production at a time when palladium prices are very high and are expected to remain high. NAP reported all-in sustaining costs of $875/oz in H1’19, against an average palladium price of $1,411/oz. The acquisition reduces the combined company’s average cost of production. Lac des Iles is situated in Canada so this also provides geographic diversification of production and reduces the company’s exposure to high-cost, deep-level conventional mining. The acquisition does not add any extra palladium production to the market. Impala’s output moves closer to what the market requires. Based on 2018 production, the addition of Lac des Iles’ output to that of Implats increases attributable palladium output by 37% to 887 koz and Implats’ palladium output stays fairly stable going forward. This reduces the ratio of the company’s platinum to palladium production significantly from 1.71:1 to 1.27:1. The ratio of platinum to palladium demand globally (excl. investment) in 2018 was 0.70:1, and palladium demand is expected to grow faster than platinum demand. Implats has the potential to maintain or increase its palladium production. Lac des Iles’ life-of-mine could be extended beyond 2027.
    [Show full text]
  • First Quarter Production Report for the Period 1 July 2019 to 30 September 2019
    IMPALA PLATINUM HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1957/001979/06) JSE Share code: IMP ADR code: IMPUY ISIN: ZAE000083648 JSE Convertible Bond Stock Code: IMCB22 JSE Convertible Bond ISIN: ZAE000247458 (“Implats” or “the Group”) First quarter production report for the period 1 July 2019 to 30 September 2019 Key highlights Despite an improvement in safety performance, the Group regretfully reported two employee fatalities at managed operations during the reporting period. Implats remains resolute in its commitment to achieving our vision of zero harm. Production at Impala, Marula and Zimplats was delivered to plan. Production from JV operations was negatively impacted by a mill failure at Mimosa and scheduled maintenance and metallurgical challenges at Two Rivers. Scheduled maintenance at the Zimplats smelter and at Impala Rustenburg’s acid plant impacted refined production, resulting in a build-up in concentrate stocks as expected. Implats accelerated the repositioning of its portfolio with an offer to acquire North American Palladium, a shallow, mechanised, palladium-rich, and cash-generative asset in Canada. Implats’ Chief Executive Officer, Nico Muller, commented: “We knew our first quarter would be characterised by an increase in working capital due to our stringent maintenance schedule at key processing assets. The unforeseen challenges at Mimosa and Two Rivers were addressed by the respective management teams, with plans in place to mitigate the impact of the slow-start on full-year production targets at these operations. The markets for our primary products remain buoyant and we have taken bold steps to advance our stated strategy of repositioning the Group through the induced conversion of the dollar convertible bond, and more recently, the announcement of our offer to acquire North American Palladium.
    [Show full text]
  • Staged for Success Corporate Profile
    ` 2016 Annual Report Staged for Success Corporate Profile North American Palladium is the only mining company in the world that is a pure palladium play. We are a Canadian company with 20 years of production at our Lac des Iles mine. We offer investors exposure to palladium in a stable mining jurisdiction. With an experienced senior management team and guided by a supportive majority shareholder, our Company is well positioned to pursue its strategy to become a low cost, long term, sustainable palladium producer. We have an enhanced focus on operational improvements and as an established PGM producer, North American Palladium offers investors: A clear growth strategy that is increasing production and lowering cash costs; Exposure to palladium prices; An attractive PGM investment jurisdiction; Significant development and exploration upside; and A quality asset with a long life. Welcome to the New North American Palladium 2016 Letter to Shareholders Fellow Shareholders, 2016 was a transformational year for North American Palladium Following the events of 2015, that saw the financial restructuring of our business and the significant debt reduction on our balance sheet, 2016 has been focused on operational improvements and getting the company on a path to profitability. Our new senior management team is intensely focused on operational improvements intended to drive down costs, expand palladium production and optimize profits. In 2016 the Lac des Iles (LDI) mine site continued on a program of fundamental change and redesign, setting the operation up for long-term success. This includes a change to our primary mining method that is already delivering more reliable production and has all but eliminated the seismicity issues that challenged us a year ago.
    [Show full text]
  • Pgm Market Report February 2019 Half of 2017
    Pgm2018年5 Market年年年年年年年年年 Report FebruaryDemand for Platinum increases2019 steadily 1 Johnson Matthey Pgm Market Report May 2018 The Pgm Market Report is written by Alison Cowley. Johnson Matthey’s pgm market research is conducted by: Lucy Bloxham Stewart Brown Laura Cole Alison Cowley Peter Duncan Mikio Fujita Nicolas Girardot Luke Han Jason Jiang Rupen Raithatha Margery Ryan Elaine Shao Fei Xiaoyan Our figures for 2018 are preliminary estimates based on information available to the end of October 2018, with the exception of investment, which reflects full-year data. Final 2018 numbers will be published in our May 2019 report. Disclaimer Johnson Matthey PLC endeavours to ensure the accuracy of the information and materials contained within this report, but makes no warranty as to accuracy, completeness or suitability for any particular purpose. Johnson Matthey PLC accepts no liability whatsoever in respect of reliance placed by the user on information and materials contained in this report, which are utilised expressly at the user’s own risk. In particular, this report and the information and materials in this report are not, and should not be construed as, an offer to buy or sell, or solicitation of an offer to buy or sell, any regulated precious metal related products or any other regulated products, securities or investments, or making any recommendation or providing any investment or other advice with respect to the purchase, sale or other disposition of, any regulated precious metal related products or any other regulated products, securities or investments including, without limitation, any advice to the effect that any precious metal related transaction is appropriate or suitable for any investment objective or financial situation of a prospective investor.
    [Show full text]
  • Stillwater Mining Company 2008 Annual Report Financial Highlights
    Stillwater Mining Company 2008 Annual Report Financial Highlights December 31, 2008 2007 2006 FINANCIAL Total revenues (millions) $ 855.7 $ 673.0 $ 655.8 Operating income (loss) (millions) $ (114.3 ) $ (16.2 ) $ 7.2 Net income (loss) (millions) $ (112.7 ) $ (15.5 ) $ 7.2 Net income (loss) per share Basic earnings (loss) per share $ (1.21 ) $ (0.17 ) $ 0.08 Diluted earnings (loss) per share $ (1.21 ) $ (0.17 ) $ 0.08 Operating cash flow (millions) $ 114.2 $ 56.4 $ 97.0 Stockholders’ equity (millions) $ 422.5 $ 515.4 $ 511.7 Weighted average common shares outstanding (millions) Basic 93.0 92.0 91.3 Diluted 93.0 92.0 91.6 Outstanding common shares (millions) 93.7 92.4 91.5 PALLADIUM & PLATINUM MINE PRODUCTION (ounces) Stillwater Mine 349,000 359,000 409,000 East Boulder Mine 150,000 178,000 192,000 Total 499,000 537,000 601,000 Palladium 384,000 413,000 463,000 Platinum 115,000 124,000 138,000 Total 499,000 537,000 601,000 OPERATIONS Total ore tons milled 1,060,000 1,169,000 1,289,000 Total tons milled (includes sub-grade) 1,206,000 1,244,000 1,351,000 Combined mill head grade (ounce per ton) 0.46 0.48 0.49 Mill recovery 91% 91% 91% CONSOLIDATED PRODUCTION COSTS (per ounce) Total cash costs $ 396 $ 331 $ 296 Depreciation & amortization $ 165 $ 157 $ 137 Total production costs $ 561 $ 488 $ 433 METAL PRICES Mine Production Average realized price per palladium ounce $ 410 $ 384 $ 370 Average realized price per platinum ounce $ 1,387 $ 953 $ 868 Combined average realized price per ounce $ 630 $ 509 $ 484 Other PGM Activities Average realized
    [Show full text]
  • OEB Licence EW-2015-0252 Renewal and Company Name Change Request
    One University Avenue, Suite 1601 Toronto, Ontario M5J 2P1 (416) 360-7590 July 29, 2020 Board Secretary Ontario Energy Board P.O. Box 2319 27th Floor, 2300 Yonge Street Toronto ON M4P 1E4 RE: OEB licence EW-2015-0252 renewal and company name change request Dear Board Secretary, On May 4, 2020, North American Palladium Ltd. submitted an amendment request for licence EB- 2015-0252 to change the licencee name to Impala Canada Ltd. This licence amendment request was assigned the file number EB-2020-0139. As per communications with Lester Yue of the OEB, we would like to formally withdraw application EB-2020-0139 and file a renewal application for licence EW-2015-0252 under our new company name (Impala Canada Ltd.). Please find the following documentation attached to support this application: 1. Electricity_Wholesaler_Applicaiton – Impala Canada 20200727.pdf Completed electricity wholesaler licence application form. This document includes audited financial statements for the last two years and the current corporate organization chart. 2. Articles of Arrangement – North American Palladium.pdf Certificate of Arrangement – North American Palladium.pdf Supporting documentation for the name change from North American Palladium Ltd. to Impala Canada Ltd. as approved by the Ontario Superior Court of Justice. Background of corporate name change: North American Palladium Ltd. was recently acquired by Impala Platinum Holdings Limited. While the primary asset and operations (Lac des Iles mine) remain the same, the corporate structure has changed. By the Plan of Arrangement, Impala Platinum Holdings Limited incorporated 11638050 Canada Inc. to amalgamate by acquisition both North American Palladium Ltd. and Lac des Iles Mines Ltd.
    [Show full text]
  • News Release
    NEWS RELEASE IMPLATS CONCLUDES ACQUISITION OF NORTH AMERICAN PALLADIUM Johannesburg, 13 December 2019 – Impala Platinum Holdings Limited (Implats) has successfully concluded the acquisition of 100% of the outstanding shares in Canadian PGM miner, North American Palladium (NAP). NAP is now a wholly owned subsidiary of Implats and will operate in Canada as Impala Canada Ltd (Impala Canada). Impala Canada owns and operates the Lac des Iles Mine (Lac des Iles) northwest of Thunder Bay, Ontario, and has a shareholding in two exploration properties, the Sunday Lake project and the Shebandowan Joint Venture. Ownership of Impala Canada strengthens Implats’ competitive position via the addition of Lac des Iles to its asset portfolio. Lac des Iles is on track to meet its calendar year 2019 production guidance of 220 000 to 235 000 ounces of palladium at an all-in sustaining cost of US$785 to US$815 per palladium ounce produced. Implats CEO, Nico Muller, said: “Impala Canada will accelerate our progress against a number of key strategic imperatives and the acquisition is an important development in the evolution of the Implats Group into a sustainable PGM producer. Over the past three years we have developed a strong understanding of the Canadian operation and its management team and are encouraged by its focus on palladium, its reliable growth potential, its highly engaged team and the revenue-generating potential of the Lac des Iles Mine. This acquisition is a positive development for Implats and our stakeholders.” The low-cost Lac des Iles Mine immediately boosts Implats’ value and strengthens cash flow to advance the Group’s journey toward delivering sustainable shareholder returns.
    [Show full text]
  • North American Palladium Ltd
    NORTH AMERICAN PALLADIUM LTD FORM 6-K (Report of Foreign Issuer) Filed 10/25/07 for the Period Ending 10/26/07 Telephone 416-360-7590 CIK 0000887701 Symbol PAL SIC Code 1000 - Metal Mining Industry Gold & Silver Sector Basic Materials Fiscal Year 12/31 http://www.edgar-online.com © Copyright 2015, EDGAR Online, Inc. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use. Form 6-K SECURITIES AND EXCHANGE COMMISSION Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of The Securities Exchange Act of 1934 For the month of October, 2007 Commission File Number: 1 -15142 NORTH AMERICAN PALLADIUM LTD. (Name of Registrant) 130 Adelaide Street West Suite 2116 Toronto, Ontario Canada M5H 3P5 (Address of Principal Executive Offices) Indicate by checkmark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F Form 40-F Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Indicate by checkmark whether the registrant, by furnishing the information contained in this Form is also thereby furnishing the information to the SEC pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: Yes Assigned File No. No If “Yes” is marked, indicate the file number assigned to the Registrant in connection with Rule 12g3-2(b).
    [Show full text]
  • View Annual Report
    Head Office Royal Bank Plaza, South Tower 200 Bay Street, Suite 2350 Toronto, Ontario, M5J 2J2 Tel: (416) 360-7590 Fax: (416) 360-7709 Email: [email protected] www.nap.com Investing for GROWTH 2010 ANNUAL REPORT DIRECTORS ONTARIO QUEBEC 1_André J. Douchane B.Sc. CHAIRMAN 2_William J. Biggar B.Comm., M.B.A., C.A. PRESIDENT AND CHIEF EXECUTIVE OFFICER 3_C. David A. Comba B.Sc., M.Sc. RETIRED MINING EXECUTIVE 4_Robert J. Quinn B.S.B.A., L.L.B. PARTNER , Q UINN & B ROOKS LLP 5_Steven R. Berlin M.B.A., C.P.A. RETIRED FINANCIAL EXECUTIVE 6_Greg J. Van Staveren C.P.A., C.A. STRATEGIC FINANCIAL CONSULTANT Vezza 7_William J. Weymark B.A.Sc., P.Eng. PRESIDENT , W EYMARK ENGINEERING LTD . 1 LAC DES ILES SLEEPING GIANT Gold Mine Discovery Palladium Mine Cameron Shear JV Florence Timmins Thunder Flordin Bay Val d’Or Harricana North Dormex Sudbury Sleeping Giant Mine & Mill Laflamme Montreal Toronto 2 NAP is a Canadian OFFICERS precious metals company focused 3 on growing its production of palladium and gold in mining-friendly 4 jurisdictions. The Company’s flagship mine, Lac des Iles, is one of the world’s two primary palladium producers. NAP also has a growing gold business in the prolific Abitibi region of Quebec, where it operates the Sleeping 5 Giant mine. The Company has extensive landholdings adjacent to both its Lac des Iles and Sleeping Giant mines, and a number of advanced exploration projects. Trent Mell Jeff Swinoga TABLE OF CONTENTS VICE PRESIDENT , C ORPORATE VICE PRESIDENT , F INANCE DEVELOPMENT , G ENERAL COUNSEL AND CHIEF FINANCIAL OFFICER AND CORPORATE SECRETARY 1 Why Invest in NAP? 2 Letter to Shareholders 6 4 Lac des Iles Palladium Mine William J.
    [Show full text]
  • Audited Annual Financial Statements 2020 Supplement to the Annual Integrated Report 30 June 2020
    Audited Annual Financial Statements 2020 Supplement to the Annual Integrated Report 30 June 2020 Welcome to our 2020 annual financial statements INTEGRATED REPORT • Information about our stakeholders, their material matters, risk, strategy and performance • Information about our operations, mineral reserves and mineral resources, business context, environment, business model, and IMPALA PLATINUM HOLDINGS LIMITED intellectual capital contained in our risk and Annual Integrated Report remuneration processes 2020 (IMPLATS) IS A LEADING PRODUCER • Overall assurance provided explained OF PLATINUM AND ASSOCIATED PLATINUM GROUP METALS (PGMS). ESG REPORT • Detail on material economic, social and environmental performance IMPLATS IS STRUCTURED AROUND • GRI G4 core compliance • Internal reporting guidelines in line with the SIX MINING OPERATIONS AND IMPALA UN Global Compacts • Independent assurance report ESG Report 2020 REFINING SERVICES, A TOLL REFINING Supplement to the Annual Integrated Report 2020 BUSINESS. THE MINING OPERATIONS ARE LOCATED ON THE BUSHVELD MINERAL RESOURCE AND COMPLEX IN SOUTH AFRICA, THE MINERAL RESERVE STATEMENT GREAT DYKE IN ZIMBABWE – THE TWO This report contains the Mineral Resource and Mineral Reserve statement of Impala Platinum Holdings Limited as at 30 June 2020. MOST SIGNIFICANT PGM-BEARING The report provides updated estimates and Mineral Resource and Mineral Reserve Statement as at 30 June 2020 reconciliation of Mineral Resources and Mineral Supplement to the Annual Integrated Report 2020 ORE BODIES IN THE WORLD – AND Reserves and conforms to the South African Code for the Reporting of Exploration Results, Mineral THE CANADIAN SHIELD, A PROMINENT Resources and Mineral Reserves (SAMREC Code (2016)). The report also conforms to section 12.13 LAYERED IGNEOUS COMPLEX DOMAIN of the JSE listings requirements and has been signed off by the appointed competent persons.
    [Show full text]
  • Platinum Group Metals in December 2018
    Mineral Industry Surveys For information, contact: Sheryl A. Singerling, PGM Commodity Specialist Benjamin N. Bryden (Data) National Minerals Information Center Telephone: (703) 648-7953 U.S. Geological Survey Fax: (703) 648-7975 989 National Center Email: [email protected] Reston, VA 20192 Telephone: (703) 648-4954, Fax: (703) 648-7757 Internet: http://minerals.usgs.gov/minerals/ Email: [email protected] PLATINUM-GROUP METALS IN DECEMBER 2018 Imports for consumption of platinum-group metals (PGMs), des Iles Mine, located northwest of Thunder Bay, Ontario. Once including waste and scrap, were 18,900 kilograms (kg) in complete, this project would double ore production to 12,000 December 2018, representing decreases of 4% and 14% metric tons per day. The mine development was predicted to compared with imports in November 2018 and December 2017, take 2 years to complete (North American Palladium Ltd., respectively. The leading import sources for PGMs into the 2018). United States were, in decending order, South Africa, Russia, and the United Kingdom (tables 3, 4). For January through Government and Legislation December 2018, imports of palladium, platinum, and PGM On December 20, the U.S. Department of the Interior’s scrap were 93,300 kg, 58,000 kg, and 40,800 kg, increases of Bureau of Land Management (BLM) announced its intent to 8%, 9%, and a decrease of 89%, respectively, compared with renew hardrock mineral leases in the Superior National Forest, imports in the similar period in 2017. which includes a copper-gold-nickel-PGM-silver deposit in the Duluth Complex. BLM opened a 30-day public comment period Prices which ended on January 22, 2019 (Bureau of Land Compared with the prior month, the Engelhard average Management, 2018).
    [Show full text]
  • Delivering a Competitive PGM Portfolio
    Delivering a competitive PGM portfolio Acquisition of North American Palladium 7 October 2019 Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. This presentation (including any oral briefing and any question‐and‐answer in connection with it) relates to the proposed acquisition (the "Transaction") by Impala Platinum Holdings Limited ("Implats") of 100% of the outstanding shares in North American Palladium Limited ("NAP"). The information set out in this presentation is not intended to form the basis of any contract. By attending (whether in person, by telephone or webcast) this presentation or by reading the presentation slides, you agree to the conditions set out below. You should conduct your own independent analysis of Implats, NAP and the Transaction, including consulting your own independent advisers in order to make an independent determination of the suitability, merits and consequences of the Transaction. This presentation includes only summary information and does not purport to be comprehensive. None of Implats, NAP or their respective shareholders, subsidiaries, affiliates, associates, or their respective directors, officers, partners, employees, agents, representatives and advisers (the "Relevant Parties") makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this presentation, or otherwise made available, nor as to the reasonableness of any assumption contained herein or therein, and any liability therefor (including in respect of direct, indirect, consequential loss or damage) is expressly disclaimed. Nothing contained herein or therein is, or shall be relied upon as, a promise or representation, whether as to the past or the future and no reliance, in whole or in part, should be placed on the fairness, accuracy, completeness or correctness of the information contained herein or therein.
    [Show full text]